KUALA LUMPUR (Jan 12): Masterskill Education Group Bhd's new majority shareholders SMRT Holdings Bhd and Creador II LLC have targeted to turnaround the education provider’s loss-making operations within a year.

Creador and SMRT announced today they have entered into a share sale agreement to purchase a 30.75% stake in Masterskill from major shareholder and executive director Siva Kumar M Jeyapalan at a price of 60 sen per share, roughly totalling an acquisition price of RM112 million.

"We target to turnaround the operations and to break-even within 12 months," Creador founder and CEO Brahmal Vasudevan told a news conference today.

SMRT chairman Datuk Palan,meanwhile, said plans are afoot to unlock synergies between Masterskill’s Asia Metropolitan University and SMRT’s Cyberjaya University College of Medical Sciences.

"These synergies would be in the area of student recruitment, support services and manpower. For example, we anticipate 30% cost savings in marketing expenditure by coordinating the marketing function of the two groups," said Palan.

The new major shareholders intend to rename Masterskill to Asiamet Education Group Bhd as part of rebuilding the group’s operations.

Asked if Siva Kumar would retain his position in the group, Palan said the matter had not been decided at this time.